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Uncertainty and the inflation bias of monetary policy

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  • Pearce, Douglas K.
  • Sobue, Motoshi

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 57 (1997)
Issue (Month): 2 (December)
Pages: 203-207

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Handle: RePEc:eee:ecolet:v:57:y:1997:i:2:p:203-207

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Web page: http://www.elsevier.com/locate/ecolet

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References

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  1. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
  2. Laurence Ball & Stephen G. Cecchetti, 1990. "Inflation and Uncertainty at Long and Short Horizons," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 215-254.
  3. Holland, A Steven, 1993. "Uncertain Effects of Money and the Link between the Inflation Rate and Inflation Uncertainty," Economic Inquiry, Western Economic Association International, vol. 31(1), pages 39-51, January.
  4. Cukierman, Alex & Meltzer, Allan H, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, Econometric Society, vol. 54(5), pages 1099-1128, September.
  5. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
  6. Taylor, John B., 1981. "On the relation between the variability of inflation and the average inflation rate," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 57-85, January.
  7. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
  8. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  9. Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-86, March.
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Citations

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Cited by:
  1. Giovanni Di Bartolomeo & Marco Manzo, 2008. "Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective," Working Papers 0803, University of Crete, Department of Economics.
  2. Sénégas, Marc-Alexandre & Vilmunen, Jouko, 1999. "The Effects of Transmission Uncertainty on the Flexibility-Credibility Tradeoff in Monetary Policy," Research Discussion Papers 14/1999, Bank of Finland.
  3. Giovanni Di Bartolomeo & Francesco Giuli & Marco manzo, 2005. "Policy Uncertainty, Symbiosis, and the Optimal Fiscal and Monetary Conservativeness," Macroeconomics 0508005, EconWPA.
  4. Schellekens, Philip, 2000. "Caution and conservatism in the making of monetary policy," Working Paper Series 0025, European Central Bank.
  5. Di Bartolomeo Giovanni & Giuli Francesco, 2009. "Fiscal and monetary interaction under monetary policy uncertainty," wp.comunite 0061, Department of Communication, University of Teramo.
  6. James, Jonathan G. & Lawler, Phillip, 2008. "Aggregate demand shocks, private signals and employment variability: Can better information be harmful?," Economics Letters, Elsevier, vol. 100(1), pages 101-104, July.
  7. Rotondi, Zeno, 2000. "Time consistent monetary policy reconsidered: may we have a deflationary bias too?," Discussion Paper Series In Economics And Econometrics 0004, Economics Division, School of Social Sciences, University of Southampton.
  8. Lawler, Phillip, 2007. "Strategic wage setting, inflation uncertainty and optimal delegation," European Journal of Political Economy, Elsevier, vol. 23(4), pages 1105-1118, December.
  9. Christensen, Michael, 2001. "Real supply shocks and the money growth-inflation relationship," Economics Letters, Elsevier, vol. 72(1), pages 67-72, July.
  10. Dennis, Richard, 1999. "Discretionary monetary policy with costly inflation," Economics Letters, Elsevier, vol. 65(1), pages 91-96, October.
  11. Kobayashi, Teruyoshi, 2003. "Multiplicative uncertainty in a model without inflationary bias," Economics Letters, Elsevier, vol. 80(3), pages 317-321, September.
  12. Schellekens Ph., 1999. "Optimal monetary policy delegation to conservative central banks," Working Papers 1999009, University of Antwerp, Faculty of Applied Economics.
  13. Lawler, Phillip, 2002. "Monetary uncertainty, strategic wage setting and equilibrium employment," Economics Letters, Elsevier, vol. 77(1), pages 35-40, September.
  14. Phillip Lawler & Jonathan James, 2005. "Macroeconomic Shocks and Central Bank Disclosure Policy: Is increased Transparency Necessarily Beneficial?," Money Macro and Finance (MMF) Research Group Conference 2005 27, Money Macro and Finance Research Group.

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